I'm interested in a house (from around 1960) where I see this
A rusty metal rod exposed under a concrete balcony, indicating structural damage in a house from around 1960.
On the underside of a balcony.

I'm a bit scared... How do you fix this?
 
There is only one way to fix that which lasts, and that is to demolish everything and build a new balcony.
 
N
Of course, it can be fixed, though a bit cumbersome, and I would say it's only cosmetic. However, the gap isn't that big, so I can't say that you absolutely must demolish the balcony because of it. But the picture is really too poor to create an overall impression.
 
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